Do you support the Inflation Reduction Act?

August 12, 2022

Today, House Democrats passed the Inflation Reduction Act, a historic bill that includes unprecedented federal investments for hardworking families. This bill reduces inflation in a progressive way — taxing large corporations, cracking down on Big Pharma price gouging, and making clean energy even more affordable to lower costs across the board. 

  • Health Care: This bill caps seniors’ out of pocket spending for prescription drugs at $2000 per year. Additionally, 13 million people, covered under the Affordable Care Act, will see their health insurance premiums reduced by $800. And finally, Medicare will be able to negotiate prescription drug prices – which will lower prescription drug costs for all of us.   
  • Climate Action: The IRA makes the largest investment to combat the climate crisis in American history. Although it includes new fossil fuel leasing which I oppose and will work to reverse, the clean energy incentives and investments are a long-overdue turning point in confronting the climate crisis. This bill will put us on a path to reduce U.S. carbon pollution by 40% within this decade by investing in zero-emission technologies that will transform the power and transportation sectors and reduce energy costs for consumers. It will create millions of jobs for manufacturing solar panels, wind turbines, and electric vehicles in the U.S, and it includes funding for drought resilience to help protect communities from the impacts of our warming planet.   
  • Tax Fairness and Fiscal Responsibility: For years, many giant corporations have gotten away with paying nothing in taxes, leaving small businesses and working families to pick up the tab. The bill institutes a 15% minimum tax rate on the wealthiest corporations, raising over $300 billion in revenue, and imposes a 1% tax on stock buybacks used to further enrich corporate insiders, raising an additional $73 billion from large corporations. And let me be clear: Despite blatant lies from the other side of the aisle, there are no new taxes on any family making $400,000 or less, and no new taxes on small businesses. This is a fair and responsible way to pay for the vital climate and health care provisions in the bill while reducing the deficit. 

This bill isn’t everything I had hoped for, but it includes many provisions I worked on and supported in the Build Back Better Act. It will make a major difference in the lives of people across America, and as such it is a compromise I can accept. I’d like to know what you think. Please share your opinion by answering the above survey. 

Thank you, 

Jared Huffman
Member of Congress